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Source: Hong Kong Government special administrative region – 4

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (November 28) released the findings of its food safety report for last month. The results of about 6 600 food samples tested (including food items purchased online) were found to be satisfactory except for eight unsatisfactory samples that were announced earlier. The overall satisfactory rate was 99.9 per cent.

A CFS spokesman said that about 1 600 food samples were collected for microbiological tests, and about 5 000 samples were taken for chemical and radiation level tests.

The microbiological tests covered pathogens and hygiene indicators; the chemical tests included testing for pesticides, preservatives, metallic contaminants, colouring matters, veterinary drug residues and others; and the radiation-level tests included testing for radioactive caesium and iodine in samples collected from imported food from different regions.

The samples comprised about 2 200 samples of vegetables and fruit and their products; about 400 samples of cereals, grains and their products; about 900 samples of meat and poultry and their products; about 800 samples of milk, milk products and frozen confections; about 900 samples of aquatic and related products; and about 1 400 samples of other food commodities (including beverages, bakery products and snacks).

The eight unsatisfactory samples comprised two green radish samples, a sweet potato sample and a beetroot sample detected with pesticide residues exceeding the legal limits; two ice cream samples and a raw milk sample detected with coliform bacteria counts exceeding the legal limits; and a bottled preserved bean curd sample found with excessive Bacillus cereus.

The CFS has taken follow-up actions on the above-mentioned unsatisfactory samples, including informing the vendors concerned of the test results, instructing them to stop selling the affected food items, and tracing the sources of the food items in question.

The spokesman reminded the food trade to ensure that food is fit for human consumption and meets legal requirements. Consumers should patronise reliable shops when buying food and maintain a balanced diet to minimise food risks.

Separately, in response to the Japanese Government’s discharge of nuclear-contaminated water at the Fukushima Nuclear Power Station, the CFS will continue enhancing the testing on imported Japanese food, and make reference to the risk assessment results to adjust relevant surveillance work in a timely manner. The CFS will announce every working day on its dedicated webpage (www.cfs.gov.hk/english/programme/programme_rafs/daily_japan_nuclear_incidents.html) the radiological test results of the samples of food imported from Japan, with a view to enabling the trade and members of the public to have a better grasp of the latest safety information.

Source: Hong Kong Government special administrative region – 4

     An Education Bureau (EDB) spokesman today (November 28) said that, in view of the serious impact of the No. 5 alarm fire at Wang Fuk Court in Tai Po earlier this week, the EDB will provide a Special Incident Assistance Grant for schools in Tai Po District, continuing its full support for affected students and parents.

To support schools and students to cope with the incident, the EDB will offer $100,000 to each primary and secondary school (including special schools) and $50,000 to each kindergarten in Tai Po District under the Special Incident Assistance Grant. Schools may flexibly deploy the Grant to provide students, teachers and parents with appropriate assistance, which includes providing psychological counseling services and purchasing learning-related items for affected students.

In addition, the Hong Kong Jockey Club, with assistance of schools, will offer $5,000 to each affected student through the Jockey Club Emergency Relief Fund to address their immediate learning needs, mitigating the impact of the incident on them.

The EDB will hold five online seminars on psychological support for special incidents (Chinese only) tomorrow (November 29) and on Sunday (November 30) for teachers and parents to assist school personnel and parents in taking care of students/children with traumatic experiences. Speakers include a psychiatrist, a psychologist and a social worker. For details of the seminars (Chinese only), please visit the “Mental Health@School” website (mentalhealth.edb.gov.hk).

If any school premises was damaged due to the fire, the EDB will provide repair services through emergency repair works as soon as possible to ensure its safety.

Educational psychologists and officers of the District School Development Sections of the EDB will continue to maintain close contact with the schools and provide necessary assistance.

Source: Hong Kong Government special administrative region – 4

     The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (November 28) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in the District of Anhalt-Bitterfeld of the State of Sachsen-Anhalt in Germany, the CFS has instructed the trade to suspend the import of poultry meat and products, including poultry eggs, from the area with immediate effect to protect public health in Hong Kong.

     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 60 tonnes of frozen poultry meat from Germany in the first nine months of this year.

     “The CFS has contacted the German authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

(Approved for issue by the Exchange Fund Advisory Committee by circulation)

Report on Currency Board Operations (June 21 – October 8, 2025)
—————————————————————————

The Currency Board Sub-Committee (Sub-Committee) noted that the Hong Kong dollar (HKD) traded within a range of 7.7705 – 7.8500 against the US dollar (USD) during the review period. The HKD stayed close to the weak-side Convertibility Undertaking (CU) between mid-June and mid-August, and the weak-side CU was triggered 12 times during the review period. With the HKMA buying HK$119.95 billion under the weak-side CU, the Aggregate Balance fell correspondingly to around HK$54 billion. Since mid-August, the HKD had strengthened as short-term HKD interbank rates (HIBORs) firmed and net buying flows through Southbound Stock Connect continued. While HIBORs generally tracked their USD counterparts under the Linked Exchange Rate System, they were also influenced by the local supply and demand of HKD funding. Amid the reduction in the Aggregate Balance, HIBORs picked up since mid-August and the negative HKD-USD interest rate spread narrowed. Meanwhile, following the decrease in the target range for the US federal funds rate in mid-September, many banks reduced their Best Lending Rates by 12.5 basis points, and the Best Lending Rates in the market ranged from 5.125 per cent – 5.625 per cent at the end of the review period. No abnormality was noted in the usage of the Discount Window. Overall, the HKD exchange and interbank markets continued to trade in a smooth and orderly manner.

The Sub-Committee noted that the Monetary Base decreased to HK$2,020.69 billion at the end of the review period. In accordance with the Currency Board principles, all changes in the Monetary Base had been fully matched by changes in foreign reserves.

The Report on Currency Board Operations for the review period is at Annex.

Monitoring of Risks and Vulnerabilities
——————————————-
The Sub-Committee noted that the US economy showed signs of softening amid higher tariffs, with inflation rising on the one hand and labour demand losing momentum on the other. Meanwhile, market concerns over fiscal and policy developments had affected long-term US Treasury bond yields. The recent US government shutdown added further uncertainty to the US economic outlook. While Asia recorded resilient growth in the first half of 2025, lingering trade policy uncertainty and the potential effects of direct and indirect US tariffs on the broader region would continue to weigh on Asia’s integrated supply chain networks.

The Sub-Committee noted that in the Chinese Mainland, growth momentum moderated in Q3. The near-term economic outlook was clouded by various uncertainties and risks, such as additional tariffs and their repercussions on global trade, as well as renewed softness in the local housing market.

The Sub-Committee noted that in Hong Kong, the economy maintained solid growth in Q2 on the back of strong exports performance and improved domestic demand. Looking ahead, the Hong Kong economy was expected to sustain moderate growth, driven by various factors such as government support, the Mainland’s economic stimulus measures, and stabilising asset markets. The housing market stabilised further alongside strengthened market sentiment, whereas the commercial real estate markets continued to face challenges of high vacancy rates.

Updates on Interbank Liquidity and Interbank Interest Rates
——————————————————————–

The Sub-Committee received an update on the relationship between HKD interbank liquidity and interbank interest rates, incorporating recent market observations and insights.

Source: Hong Kong Government special administrative region

     The Government announced today (November 28) its financial results for the seven months ended October 31, 2025. 

     Expenditure and revenue from April to October 2025 amounted to HK$438.9 billion and HK$292.4 billion respectively, resulting in a deficit of HK$56.8 billion after taking into account HK$116.6 billion received from issuance of Government Bonds and repayment of HK$26.9 billion principal on Government Bonds.

     A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year.

     The fiscal reserves stood at HK$597.5 billion as at October 31, 2025.

     Detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

	Month ended October 31, 2025 HK$ million	Seven months ended October 31, 2025 HK$ million
Revenue	57,189.6	292,463.7
Expenditure	(65,685.3)	(438,915.0)
Deficit before issuance and repayment of Government Bonds	(8,495.7)	(146,451.3)
Proceeds received from issuance of Government Bonds	55,000.0	116,555.8
Repayment of Government Bonds*	(75.9)	(26,875.0)
Surplus/(Deficit) after issuance and repayment of Government Bonds	46,428.4	(56,770.5)
Financing
Domestic
Banking Sector (Note 2)	(46,384.4)	53,214.3
Non-Banking Sector	(44.0)	3,556.2
External	–	–
Total	(46,428.4)	56,770.5
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

Government Debts as at October 31, 2025 (Note 3)
    HK$392,275 million
Debts Guaranteed by Government as at October 31, 2025 (Note 4)
    HK$115,706 million

TABLE 2. FISCAL RESERVES
 

	Month ended October 31, 2025 HK$ million	Seven months ended October 31, 2025 HK$ million
Fiscal Reserves at start of period	551,117.9	654,316.8
Consolidated Surplus/(Deficit) after issuance and repayment of Government Bonds	46,428.4	(56,770.5)
Fiscal Reserves at end of period (Note 5)	597,546.3	597,546.3

Notes:

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at October 31, 2025, was HK$170,157 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
 
(i) the Green Bonds (equivalent to HK$192,217 million as at October 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$10,950 million with maturity from January 2026 to January 2053), euros (5,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB32,000 million with maturity from February 2026 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);
 
(ii) the Infrastructure Bonds (equivalent to HK$90,623 million as at October 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB31,250 million with maturity from December 2025 to June 2055) and Hong Kong dollars (HK$56,480 million with maturity from November 2025 to June 2055); and
 
(iii) the Silver Bonds with nominal value of HK$109,435 million (with maturity in October 2027 and October 2028 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
 
     They do not include the outstanding bonds with nominal value of HK$124,262 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,770 million as at October 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$53,762 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$77,162 million will mature within the period from November 2025 to October 2026, and the rest within the period from November 2026 to May 2042.
 
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.

5. Includes HK$249,817 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

According to statistics published today (November 28) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.4 per cent in October 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits decreased by 0.9 per cent and 0.1 per cent respectively in October, mainly reflecting fund flows of corporates. In the year to end-October, total deposits and Hong Kong dollar deposits increased by 9.7 per cent and 3.1 per cent respectively. Renminbi deposits in Hong Kong decreased by 0.6 per cent in October to RMB996.2 billion at the end of October. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,006.6 billion in October, compared with RMB1,123.2 billion in September. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
 
Total loans and advances decreased by 0.7 per cent in October, while increased by 0.9 per cent in the year to end-October. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.9 per cent and 0.2 per cent respectively in October. The Hong Kong dollar loan-to-deposit ratio remained virtually unchanged at 73.6 per cent at the end of October, as Hong Kong dollar loans and Hong Kong dollar deposits decreased at a similar pace.
 
Hong Kong dollar M2 and M3 both decreased by 0.6 per cent in October, while both increased by 3.5 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 1.7 per cent in October, and increased by 12.2 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both decreased by 0.3 per cent in October. Compared to a year earlier, total M2 and total M3 both increased by 10.6 per cent.
 
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics. 

Source: Hong Kong Government special administrative region – 4

     The Government announced today (November 28) the reappointment of Ms Sabrina Ho Shuk-ying and the appointment of Ms Huang Chaoni as lay members of the Council of the Hong Kong Institute of Certified Public Accountants (HKICPA) for a term of two years from December 1, 2025, to November 30, 2027.
 
     A spokesman for the Financial Services and the Treasury Bureau (FSTB) said, “The accounting sector plays a pivotal role in Hong Kong’s success as an international financial centre. We look forward to the contribution of Ms Ho and Ms Huang to the work of the HKICPA in furthering the development of the accounting profession.”
 
     The FSTB spokesman also expressed gratitude to the outgoing member, Dr Au King-lun, for his contributions to the HKICPA Council during his tenure.
 
     The HKICPA is the statutory professional body of the accounting sector in Hong Kong. It is responsible for the registration of certified public accountants (CPAs) and various professional functions including examination and training of CPAs, as well as setting requirements for continuing professional development, and standards on professional ethics, accounting, auditing and assurance.
 
     The HKICPA Council is the governing body of the Institute. Under the Professional Accountants Ordinance (Cap. 50), the HKICPA Council comprises a maximum of 23 persons, including four lay members appointed by the Chief Executive. The power of the Chief Executive to make appointments to the Council has been delegated to the Secretary for Financial Services and the Treasury.

Source: Hong Kong Government special administrative region – 4

     According to the results of the 2024 Annual Survey of Economic Activities – Import/Export, Wholesale and Retail Trades, and Accommodation and Food Services Sectors released today (November 28) by the Census and Statistics Department (C&SD), total receipts of the import/export, wholesale and retail trades, and accommodation and food services sectors amounted to $5,473.5 billion in 2024, representing an increase of 4.5% compared with 2023; on a per company basis, total receipts increased by 10.6% over 2023 to $38.7 million in 2024.
 
     Total operating expenditure (including operating expenses, cost of goods sold and compensation of employees) of the above sectors altogether amounted to $4,997.7 billion in 2024, representing an increase of 4.5% compared with 2023; on a per company basis, it increased by 10.6% over 2023 to $35.3 million in 2024.
 
     Gross surplus of the sectors, which is equal to total receipts less total operating expenditure, increased by 3.9% over 2023 to $475.7 billion in 2024; on a per company basis, gross surplus increased by 10.0% over 2023 to $3.4 million in 2024. For all these sectors taken together, gross surplus accounted for 8.7% of total receipts in 2024, similar to that in 2023.
 
     Industry value added of the sectors, which is a broad measure of their total contribution to Hong Kong’s Gross Domestic Product, increased by 3.4% over 2023 to $649.1 billion in 2024; on a per company basis, industry value added increased by 9.5% over 2023 to $4.6 million in 2024.
 
     According to the survey results, it was estimated that the aforementioned sectors comprised some 141 400 companies and engaged about 896 900 persons, or an average of 6.3 persons per company, in 2024.
 
     In the import/export trade, total receipts amounted to $4,523.3 billion while total operating expenditure reached $4,092.5 billion in 2024. Gross surplus increased from $413.2 billion in 2023 to $430.8 billion in 2024, accounting for 9.5% of total receipts in 2024. Industry value added increased by 5.6% over 2023 to $493.3 billion.
 
     In the wholesale trade, total receipts amounted to $275.2 billion while total operating expenditure reached $269.9 billion in 2024. Gross surplus decreased from $5.6 billion in 2023 to $5.3 billion in 2024, accounting for 1.9% of total receipts in 2024.  Industry value added decreased by 2.6% compared with 2023 to $19.1 billion.
 
     In the retail trade, total receipts amounted to $489.2 billion while total operating expenditure reached $458.9 billion in 2024. Gross surplus increased from $29.9 billion in 2023 to $30.3 billion in 2024, accounting for 6.2% of total receipts in 2024.  Industry value added decreased by 7.7% compared with 2023 to $68.9 billion.
 
     In the accommodation services sector which covers hotels, guesthouses, boarding houses and other companies providing short term accommodation, total receipts amounted to $46.1 billion while total operating expenditure reached $39.2 billion in 2024. Gross surplus increased from $6.1 billion in 2023 to $6.9 billion in 2024, accounting for 15.0% of total receipts in 2024.  Industry value added increased by 6.5% over 2023 to $21.8 billion.
 
     In the food services sector which mainly covers restaurants, total receipts amounted to $139.8 billion while total operating expenditure reached $137.4 billion in 2024. Gross surplus decreased from $2.9 billion in 2023 to $2.4 billion in 2024, accounting for 1.7% of total receipts in 2024. Industry value added slightly increased by 0.7% over 2023 to $46.0 billion.
 
     Selected statistics for the sectors mentioned above are shown in the attached table.  More detailed statistics will be given in the reports “Key Statistics on Business Performance and Operating Characteristics of the Import/Export, Wholesale and Retail Trades Sectors in 2024” and “Key Statistics on Business Performance and Operating Characteristics of the Food and Accommodation Services Sectors in 2024”. Users can browse and download these reports at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080014&scode=550 and www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080016&scode=540) as from end-December 2025.
 
     For enquiries about the key statistics on business performance and operating characteristics of the import/export, wholesale and retail trades, and accommodation and food services sectors, please contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7399 or email: asw@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

     According to the results of the 2024 Annual Survey of Economic Activities – Information and Communications, Financing and Insurance, Professional and Business Services Sectors released today (November 28) by the Census and Statistics Department (C&SD), the financing (except banking) industry recorded the largest total receipts in 2024, followed by insurance; banking; information and communications; professional, scientific and technical activities; and administrative and support service activities.
 
     In the financing (except banking) industry, total receipts increased by 4.8% over 2023 to $732.9 billion in 2024. On a per company basis, total receipts increased by 1.4% compared with 2023 to $73.1 million in 2024. Operating expenses and compensation of employees together increased by 7.5% year-on-year to $357.3 billion in 2024. Gross surplus, which is equal to total receipts less operating expenses, compensation of employees and (where applicable) cost of goods sold, increased by 2.4% over 2023 to $375.6 billion in 2024, accounting for 51.3% of total receipts in 2024. Industry value added (except investment and holding companies), which is a broad measure of its contribution to Hong Kong’s Gross Domestic Product (GDP), increased by 13.3% compared with 2023 to $122.8 billion in 2024. In 2024, the financing (except banking) industry comprised about 10 000 companies and engaged about 96 400 persons, or an average of 9.6 persons per company.
 
     In the insurance industry, total receipts amounted to $728.6 billion in 2024, representing an increase of 7.4% compared with 2023. On a per company basis, total receipts increased by 11.3% compared with 2023 to $269.1 million in 2024.  Operating expenses and compensation of employees together increased by 12.9% year-on-year to $73.6 billion in 2024. In 2024, the insurance industry comprised about 2 700 companies and engaged about 83 000 persons, or an average of 30.6 persons per company.
 
     In the banking industry, total receipts amounted to $611.7 billion in 2024, representing an increase of 5.1% compared with 2023. On a per company basis, total receipts increased by 8.7% compared with 2023 to $3.0 billion in 2024. Operating expenses and compensation of employees together increased by 6.6% year-on-year to $271.5 billion in 2024. In 2024, the banking industry comprised 203 companies and engaged about 98 500 persons, or an average of 485.0 persons per company.
 
     Owing to the special features of business operations for the banking industry and the insurance industry, gross surplus and industry value added statistics are not compiled for these industries. Statistics on value added in respect of these two industries compiled under the framework of GDP are released by the C&SD separately. Similarly, within the financing (except banking) industry, industry value added is not compiled for investment and holding companies. Hence, the figure of industry value added for this industry does not cover investment and holding companies.
 
     In the information and communications sector, total receipts amounted to $259.1 billion in 2024, representing an increase of 2.8% compared with 2023. On a per company basis, total receipts increased slightly by 0.7% over 2023 to $22.5 million in 2024. Operating expenses and compensation of employees together increased by 3.5% year-on-year to $179.7 billion in 2024.  Gross surplus decreased by 3.7% over 2023 to $58.8 billion in 2024, accounting for 22.7% of total receipts in 2024. Industry value added increased by 1.8% compared with 2023 to $104.0 billion in 2024. In 2024, the information and communications sector comprised about 11 500 companies and engaged about 102 000 persons, or an average of 8.9 persons per company.
 
     In the professional, scientific and technical activities sector, total receipts amounted to $163.5 billion in 2024, representing an increase of 2.1% compared with 2023. On a per company basis, total receipts increased slightly by 0.8% over 2023 to $5.8 million in 2024. Operating expenses and compensation of employees together increased by 3.0% year-on-year to $133.7 billion in 2024. Gross surplus decreased by 1.3% over 2023 to $28.4 billion in 2024, accounting for 17.4% of total receipts in 2024.  Industry value added decreased by 1.9% compared with 2023 to $87.9 billion in 2024. In 2024, the professional, scientific and technical activities sector comprised about 28 400 companies and engaged about 153 600 persons, or an average of 5.4 persons per company.
 
     In the administrative and support service activities sector, total receipts amounted to $136.9 billion in 2024, representing an increase of 13.9% compared with 2023.  On a per company basis, total receipts increased by 12.5% over 2023 to $11.9 million in 2024. Operating expenses and compensation of employees together increased by 13.3% year-on-year to $123.7 billion in 2024. Gross surplus increased by 20.4% over 2023 to $12.2 billion in 2024, accounting for 8.9% of total receipts in 2024.  Industry value added increased by 6.9% compared with 2023 to $64.5 billion in 2024. In 2024, the administrative and support service activities sector comprised about 11 500 companies and engaged about 236 200 persons, or an average of 20.5 persons per company.
 
     Selected statistics for the sectors mentioned above are shown in the attached table. More detailed statistics will be given in the reports “Key Statistics on Business Performance and Operating Characteristics of the Information and Communications Sector in 2024” and “Key Statistics on Business Performance and Operating Characteristics of the Financing and Insurance, Professional and Business Services Sectors in 2024”. Users can browse and download these reports at the website of the C&SD (www.censtatd.gov.hk/en/scode560.html and www.censtatd.gov.hk/en/scode570.html) as from end-December 2025.
 
     For enquiries about the key statistics on business performance and operating characteristics of the information and communications, financing and insurance, professional and business services sectors, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7268 or email: business-services@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced today (November 28) that a tender of 5-year RMB institutional Government Bonds (Bonds) through the re-opening of existing 5-year Government Bond issue 05GB3005001 under the Infrastructure Bond Programme will be held on December 4, 2025 (Thursday), for settlement on December 8, 2025 (Monday).

An additional amount of RMB1.0 billion of the outstanding 5-year Bonds (issue no. 05GB3005001) will be on offer. The Bonds will mature on May 15, 2030, and will carry interest at the rate of 1.97 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on November 28, 2025, are 100.42 with a semi-annualised yield of 1.873 per cent.

Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at www.hkgb.gov.hk. Each tender must be for an amount of RMB50,000 or integral multiples thereof.

Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3pm on the tender day.

HKSAR Institutional Government Bonds Tender Information

Tender information of 5-year RMB HKSAR Institutional Government Bonds:
 

Issue Number	:	05GB3005001
Stock Code	:	85023 (HKGB1.97 3005-R)
Tender Date and Time	:	December 4, 2025 (Thursday) 9.30am to 10.30am
Issue and Settlement Date	:	December 8, 2025 (Monday)
Amount on Offer	:	RMB1.0 billion
Maturity	:	5 years
Remaining maturity	:	Approximately 4.4 years
Maturity Date	:	May 15, 2030 (Wednesday)
Interest Rate	:	1.97 per cent p.a. payable semi-annually in arrear
Interest Payment Dates	:	May 15 and November 15 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.
Method of Tender	:	Competitive tender
Tender Amount	:	Each competitive tender must be for an amount of RMB50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the latest published list. The accrued interest to be paid by successful bidders on the issue date (December 8, 2025) for the tender amount is RMB56.67 per minimum denomination of RMB50,000. (The accrued interest to be paid for tender amount exceeding RMB50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of RMB50,000 due to rounding).
Other Details	:	Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.
Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited	:	The tender amount is fully fungible with the existing 05GB3005001 (Stock code: 85023) listed on the Stock Exchange of Hong Kong.
Use of Proceeds	:	The Bonds will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website.